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Home » Daily

Optimism and banks lift markets to new highs

Allan Tong Posted On August 25, 2021
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Markets were as hot as the weather Wednesday as general optimism and, in Canada, strong bank earings, lifted the indices to new all-time highs. The Nasdaq inched up 0.15% and the S&P 0.22% to 4,496 while the TSX climbed 0.19% to close at a record 20,587. The Dow fell short of reaching a new high, but advanced 0.11%. In Toronto, Canada’s biggest bank announced a Q3 revenue beat and rallied 0.83% to a record high.

Other banks also enjoyed an upward move as the Bank of Nova Scotia rose 1.29%. Even though National Bank topped Q3 growth in all categories, shares slipped 0.55%. What all the banks have in common is that loan loss provisions were overestimated while loan growth is climbing. Materials lagged, such as Gran Colombia Gold down 3.84%, but most of the major sectors closed in the green. Polaris Infrastructure and Canaccord Genuity both surged 5% while forestry names enjoyed a bounce, such as West Fraser Timber up 3.26%.

On Wall Street, financials, energy and industrials rallied. Notable winners: American Express jumping 3%, JPMorgan 2%, Ulta Beauty 4.29% and Deere 2.28%. Heading down were steelmaker Nucor at -2.67%, and the Gap at -5.31%. Oil continued its revival as WTI rose to $68 per barrel, and WCS jumped $1 per barrel past $55. Gold held around $1,790 an ounce while Bitcoin also was steady, around $48,760.

🏛 Bank of Nova Scotia +1.29%
🏛 National Bank of Canada -0.55%
🥇 Gran Colombia Gold Corp. -3.84%
♻ Polaris Infrastructure +5%
🏛 Canaccord Financial Inc +5%
🌲 West Fraser Timber +3.26%
💳 American Express +3%
🏛 JP Morgan Chase & Co +2%
💄 Ulta Salon Cosmetics and Fragrance Inc. +4.29%
🦌 Deere & Co. +2.28%
⛏ Nucor Corp. -2.67%
🧢 Gap -5.31%

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